Brent crude oil price drops as silver price rallies and copper price range trades
Brent crude oil price drops amid US tariffs and OPEC+ output hike as silver price rallies amid global uncertainty and falling US dollar as copper price range trades.
Brent crude oil price drops on US tariffs and OPEC+ output hike
The Brent crude oil price is rapidly falling towards the major $70.705-to-$70.23 per barrel support area, made up of the October-to-December lows amid US tariffs and an OPEC+ output hike.
If this support area were to give way, the October low at $69.84 would be eyed next ahead of the September low at $68.46.
Minor resistance can now be spotted between the 20 December low at $71.615 and the 26 February low at $71.895.
Silver price rallies amid flight-to-safety flows
The spot silver price's drop from its mid-February $33.39 per troy ounce high has taken the precious metal to its 28 February low at $30.81. This held as support, though, with the silver price bouncing off this level towards its 26 and 27 February highs at $31.95.
Further resistance can be spotted at the $32.33 mid-December high.
Potential slips may find support between the 11 and 25 February lows at $31.29 and $31.25.
Copper price range trades above key support zone
The copper price's swift recovery from its key $4.4983-to-$4.3450 support zone, made up of the 10 October, November and January highs, ran out of steam at the 25 February high at $4.7015.
Since then the copper price has been sideways trading in a wide range between these tow extremes.
While Monday's high at $4.6538 caps, a retest of the major $4.4983-to-$4.3450 support area may occur. A fall through Monday's low at $4.5368 would increase the odds of such a decline taking shape.
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